Disrupt, but with Kindness- What is Competition Benchmarking?

Every now and then, our businesses are worried to be eaten by their competition. However established you may be, there will always be someone bigger, better, with a greater army of fans and loyal customers.

What’s your Disruption strategy?

We all aspire an edge over our competition, easier said we have to dig beyond just knowing them and working on bettering their sales tactics.

Have you heard of Competition Tracking?

So, here’s a tip, with a lot of brands focusing on their Social Media presence, Competition Analytics lets you track and analyse their performance on various aspects with respect to yours.

And at my Company we call it “Competition Benchmarking”.
Here I will take you through a series of questions to make you understand the ease of use and the brilliance of my propagation.

Q1. What do you really monitor about your competition?

The great thing is that we work on keywords and your preferences, so gathering data is not the issue, the catch here is always being ahead of the trend. So the first thing to drive here is your competitions ‘Trendspotting’ strategy. With this you can get creative with your social posts. Then comes the Campaigning, to help you with Marketing and Advertising of your brand. But the most important thing here is who are your competitions influencers and how do you brew more User Generated content that helps with tagging and popularity.
Now, have you noticed brand wars recently?
Although they have circled around subtly, competition tracking is also a way where you can know and steal their customers. You already know their flaws, and their influencers, its time to focus on Customer Experience.

Q2. How do you make your Customer Experience better than your competitions?

Driving purchases through incentive marketing, takes a brand a long way. With competition benchmarking you will be able to assess offers, features, and most importantly analyse customer sentiments.
Implementing change with your current brand offerings, depends on how and how much you track, what your customers perceive and feel about you.

Lastly,
Q3.Are you responding to your customers effectively?

Nowadays, its all about quick assistance and attending to customer queries in real time. If you respond effectively, half the battle has been won.

Through our Competition Listening Platform, you will track your TAT alongside your competitions. This adds to brand credibility and basically well-done customer service.

And ending this with a quote, “Don’t let your business but instead your competition fear you”. But keeping it healthy, deliver quality and leverage on data to quantify your performance first.

-Written by Vijay Rithi,

AVP Sales, Locobuzz.